Oregon Sen. Jeff Merkley laid out his new plan to jump-start the housing market for his state.
He visited an underwater home in Portland, where its owner is struggling to make payments.
Merkley's new plan aims at helping homeowners by refinancing their loans for a lower interest rate.
He says it won't cost taxpayers any money. Instead, the money used to refinance those mortgages will be raised through private investors buying bonds.
"Had they been encouraged by the kind of program that Sen. Merkley is putting into place, I wouldn't be where I am now. I could not have stayed underwater and I think that the home I've been in for half of my life wouldn't be swimming away," said Lake Boggan, the homeowner.
Merkley announced the plan on youtube.com earlier this week. He explained the project, which is called The Four Percent Mortgage: Rebuilding American Home Ownership.
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